Tom Bradshaw, president of the NFU, emphasized the detrimental impact of the proposed inheritance tax reforms, labeling it a "betrayal" against family-owned farms. He stated, "To launch a policy this destructive without talking to anyone in farming beggars belief." He criticized the government for not engaging with farmers ahead of the policy announcement, highlighting the challenges they are already facing from inflation and adverse weather conditions. Bradshaw's remarks underscore the urgent need for dialogue in creating effective agricultural policies.
Bradshaw elaborated on the emotional toll the proposed tax reforms take on elderly farmers, saying, "We know that any tax revenue raised will be taken from our children and raised from those that die in tragic circumstances or within the next seven years." His passionate speech calls attention to the potential loss of family farms, which he implies could lead to generational trauma and economic instability in farming communities.
The government's aim of raising £520 million a year through inheritance tax reforms is, according to Bradshaw, misguided. He warned that the intended outcome of the policy might backfire, stating, "You in this room have nothing left to give. It's wrong on every level and, just as bad, it won't achieve what the Treasury wants to achieve." Bradshaw's criticism reflects a widespread concern that policymakers are disconnected from the realities facing farmers.
Emphasizing the impracticality of the reforms, Bradshaw noted that the seven-year gifting rule would not benefit farmers who need to draw pensions from their farms. He explained, "Many farmers need to draw a pension from the farm after passing it to the next generation, which counts as a reserved benefit." This insight highlights a crucial gap between governmental policy intentions and the realities of operating family-run agricultural businesses.
Collection
[
|
...
]